Mortgages until 70 or older?

06-01-2023 10:00pm #1

I'm in my late 40s and will have to buy a new home due to divorce. The mortgage calculators such as this - https://www.mortgages.ie/go/first_time_buyers/mortgage_payments_calculator - only offer quotes that have to be paid back by 65 years of age. This is very midleading as I know for a fact that Bank of Ireland will give mortgages which people have to pay off by the age of 70 (I'm currently on one such mortgage). (The website does not declare a connection with a specific lender: https://www.mortgages.ie/go/about_us)

However, there are cheaper mortgage rates than BofI so I'm wondering are there any other financial institutions which give mortgages until somebody is 70 or older, or does BofI have a monopoly in Ireland on offering mortgages to people up to 70 years of age? The five years make a huge difference on what I can borrow, naturally enough.

tjhook · 05-02-2023 9:52pm

I have been looking at a few mortgage calculators...

TSB's calculator : When you enter your age etc, it defaults to a mortgage period that assumes payments until you're 70.

https://www.permanenttsb.ie/mortgages/first-time-buyer-mortgage-calculator/

(The link says "first time buyer", but the actual calculator asks if you're a first time buyer or not)

On AIB's site it's a little different, but when I enter a fictional birth date of 1965 (making me 57?) it allows a repayment period of up to 11 years.

https://aib.ie/our-products/mortgages

J_1980 · 06-02-2023 8:03am

i think the limit is 68 years as AIB website above

Q&A · 06-02-2023 10:28am

The following is a little old but might be useful. Seems a number of lenders offer mortgages into what might be considered retirement. If you can prove you can afford it. Some bank specific details within the second link.

https://www.askaboutmoney.com/threads/maximum-mortgage-age.222086/

Galwayhurl · 06-02-2023 12:33pm

PTSB allow up to age 70, IF you are paying into a pension.

They told me this on the phone on Friday.

09-03-2023 12:22pm

I just noticed on this lending criteria for Bank of Ireland UK - https://www.bankofirelanduk.com/app/uploads/2017/08/e0352b-boi-uk-nin-lending-criteria-web-27jun17.pdf - that they are giving mortgages up until the age of 75:

"Term: Maximum: 35 years or the number of years it will take (the eldest) applicant to reach 75 (whichever is lower)."

Has anybody got a mortgage from BofI Ireland up until the age of 75?

tvjunki · 09-03-2023 12:30pm

Going through a broker might help you as they have access to special mortgages. I think Bank of Ireland used to have a’ life loan mortgage’ it could be under another name now. Most work to 70 but there are exceptions.

This is it · 13-03-2023 11:08pm

Through a broker I've a loan offer from PTSB which will have repayments until I'm 70. It was mentioned by the broker that this was possible because I pay into a pension.

tvjunki · 15-03-2023 4:35pm

https://www.boards.ie/discussion/comment/120355560#Comment_120355560

That would make sense as they would hope you would obtain a lump sum when you start drawing down the pension. One thing to look at.

Mortgages until 70 or older?

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